EUR/GBP to trade or not to trade

[FXSnipe]

Quote from usdoutlaw:

oooh eurgbp is almost at full retracement

any type of hourly sign of a reversal of this bearish move I am in for the long

i.e. hammer, downside tweezers, morning star, etc

cheers

Sill holding my short, lets see where this thing take us , my order for another short from last week at 0.8987 still stand.


Usdoutlaw , it looks like your bias is long and mine is short, hehehehe!!! It really doesn't matter as long as we both come out with cash lol!! It is actually possible that we can both have opposing views about the direction of the market and both of us make money

 

[usdoutlaw]

Quote from FXSnipe:

Usdoutlaw , it looks like your bias is long and mine is short, hehehehe!!! It really doesn't matter as long as we both come out with cash lol!! It is actually possible that we can both have opposing views about the direction of the market and both of us make money

Quite wrong ... all I need is an hourly reversal indicator so I can take 500k for 10 pips ... that will make up for my losses in eurgbp

thats all I want hehe

 

[usdoutlaw]

looks like a hammer is forming now near the original price the eurgbp reversed the down trend last week

time to buy almost

 

[usdoutlaw]

ok it wasnt an hourly hammer ... I think its called a dragon fly which is even better (right?)

Ok I opened @9013 but the 5 minute candles are not cooperating ... oh well
stop @9000 (2 pips below the most recent 5min chart low)
target @9041 (the estimated 20EMA on the hourly, 20EMA seems to be resistance on the hourly chart for the current hourly downtrend over the past few days)

again the 5 min chart price action is making me nervous ... but the 5 min macD says the eurgbp is currently extended to the downside ...

Cheers!

 

[cabletrader]

Quote from usdoutlaw:

Quite wrong ... all I need is an hourly reversal indicator so I can take 500k for 10 pips ... that will make up for my losses in eurgbp

thats all I want hehe

That's easy, just buy @0.9000, or even here at 11 for 10 pips

'take 500k for 10 pips', 50k a pip, sheeesh! :eek:

Why Eur/Gbp though, bit slow isn't it? 1 pip....2 pips....tic toc tic toc.....3 pips.....lunch...4 pips 5 pips....

 

[usdoutlaw]

Quote from cabletrader:

That's easy, just buy @0.9000, or even here at 11 for 10 pips

'take 500k for 10 pips', 50k a pip, sheeesh! :eek:

no its umm 5 100k contracts which is 500k

so its like umm $50 a pip but since it is eurgbp its like $80 per pip with 5 100k contracts

I think that is right

wow this 5 minute price action is not cooperating ughh

ehh front running / anticipating moves seems pretty stupid now

 

[usdoutlaw]

SOB!

bears are so strong ughh

 

[cabletrader]

Quote from usdoutlaw:



ehh front running / anticipating moves seems pretty stupid now

What, even with those previous lows? How about split the trade up, half here, half at 8985, you wouldn't have to wait long to find out if you're wrong!

 

[usdoutlaw]

Quote from cabletrader:

What, even with those previous lows? How about split the trade up, half here, half at 8985, you wouldn't have to wait long to find out if you're wrong!

ehh stupid bet lets leave it at that

hourly candles obviously are not reliable here ... I looked it over more closely and hourly hammers etc dont really signal trend reversals in this pair especially in a protracted down trend

I am the goat bahhhh

back to the majors usd pairs

 

[pentothal]

Quote from FXSnipe:

All the best, trading is work in progress and continue to refine my strategies as the market changes all the time. Check some work by Robert Miner and Dick Diamond , they combine it (wave analysis) with indicators,like stochastics, MACD, etc

Thanks FXSnipe, will definitely look into it.